[snip] But Obamas proposal would only postpone the $85 billion in automatic cuts, scheduled to take effect March 1, by a few months until a larger deal could be reached.

[snip] The CBO projects, absent changes in spending and/or taxes, that federal debt held by the public will reach levels akin to 76 percent of the total economy, the largest percentage since 1950. It would tick up to 77 percent by the end of the decade and rise even further in years beyond that.

Obama did not offer a specific proposal or release any new plans Tuesday. But he said Congress should approve additional revenue by eliminating tax loopholes and deductions benefiting certain industries or the wealthy, as well as spending reductions.

[snip] The reductions, nearly 10 percent of the nations defense and domestic spending, would be felt immediately in a wide range of government programs: fewer FBI agents, less food assistance for low-income families and a delay in new equipment and repairs for the military. The cuts could lead to the loss of hundreds of thousands of jobs.

Watch the GOP cave on this too. They can’t help themselves. It’s like watching adults in diapers crapping themselves over and over. This is why there will be a Third Party. Not to win power, but to cripple the GOP morons once and for all.

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